$TRX
/USDT Technical Analysis and Trade Strategy๐๐ฏ
Market Snapshot
Current Price: 0.2690 USDT
24h High: 0.3027 USDT
24h Low: 0.2407 USDT
24h Change: Down by 9.94 percent
24h Volume: 1.55 billion TRX, 415.67 million USDT
Technical Indicators
1. Support and Resistance
Immediate Support: 0.2407 USDT (Strong Support)
Major Support: 0.2300 USDT
Resistance Levels: 0.3027 USDT and 0.3100 USDT
2. Moving Averages (MA/EMA)
The price is below short-term moving averages, indicating bearish momentum. However, the price is approaching key support at 0.2407 USDT, which could trigger a reversal if buyers enter the market.
3. Bollinger Bands (BOLL)
The price is testing the lower Bollinger Band, suggesting that TRX might be oversold. A bounce from this level could signal a potential buying opportunity.
Trade Strategy with Targets
Target One: 0.2407 USDT
Reason: This is the 24-hour low and a key support level. If the price tests this zone and holds, it could offer an opportunity for a bounce.
Action: Look for signs of stabilization or bullish reversal near 0.2407 USDT to enter a long position.
Target Two: 0.2600 USDT
Reason: This is a minor resistance level. The price may face some selling pressure here as it tries to recover from the recent dip.
Action: Partial profit-taking or setting a stop-loss near 0.2600 USDT to lock in gains if the price struggles to break higher.
Target Three: 0.3027 USDT
Reason: This is the 24-hour high and major resistance. If the price breaks above this level, it could signal the beginning of a bullish trend.
Action: Set an additional profit target at 0.3027 USDT or exit the position if the price fails to continue upward after breaking resistance.
Risk Management
Stop-Loss: Set a stop-loss just below 0.2400 USDT to protect against a breakdown of support.
Trailing Stop: Once the price reaches 0.2600 USDT, adjust the stop-loss to breakeven or a profitable level to secure gains.